new offer likely, page-5

To me $6.50 - $7 is rubbish after the PES / BG deal.

AOE is far more advanced in every dept than PES was , it was only that there was more than one interested party that their final offer was so good.
This will the difference again , Shell sat on their hands then , they cannot afford to do so this time.
Shell have come in first with a low and insulting offer , Davies has been around the block , he will extract full value from any bidder.
We will see two more players enter this with offers before any merger / sale is done and it will go for a lot more than the current thinking.